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Gaming

NJ’s online gambling revenue hits new peak while Atlantic City’s physical casino profits falter

Wednesday 17 de April 2024 / 12:00

2 minutos de lectura

(New Jersey).- New Jersey's high-flying internet gambling market continues to smash records. But the amount of money won from in-person gamblers at most of Atlantic City's casinos is less than it was before the COVID19 pandemic.

NJ’s online gambling revenue hits new peak while Atlantic City’s physical casino profits falter

Figures released Tuesday by the New Jersey Division of Gaming Enforcement show that the casinos and their online arms won over $197 million from online casino games in March, setting another monthly record.

And although it was not a record, sports betting, powered by the March Madness college basketball tournament, saw almost $1.33 billion worth of bets taken in March. That was the fourth-highest amount since sports betting became legal in 2018 following a U.S. Supreme Court decision in a case brought by New Jersey.

Including in-person casino winnings, internet gambling and sports betting revenue, the casinos, their online partners and horse tracks that accept sports bets won over $526 million in March, up 8.1% from March 2023.

But the casinos' key metric, the amount of money won from in-person gamblers, continued to struggle. While the $239 million the nine casinos collectively won from in-person gamblers was up nearly 5% from a year earlier, and narrowly exceeded the total that all nine won in March 2019, before the pandemic hit, only two of the nine casinos individually won more in person last month than they did pre-COVID.

Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling market, said total gambling revenue for 2024 is “off to a solid start" over the first three months of this year, up 11% compared to the same three months last year.

The casinos care most about in-person winnings because they can keep all that money. By contrast, money won from internet gambling or sports betting must be shared with outside parties.

The Borgata won $56.5 million in person in March, down 8.1% from a year earlier. Hard Rock won $44.3 million, up 11%; Ocean won $40.6 million, up 17.6%; Harrah's won $21 million, up 2%, and Tropicana won $19.8 million, up 2.5%.

Caesars won $18.5 million in person, up nearly 8%; Golden Nugget won $13.6 million, up 11.4%; Resorts won $13.4 million, up nearly 6%, and Bally's won $11.7 million, up 11.2%.

When internet and sports betting revenue are added, Borgata won $106.6 million, down 6.1% from a year earlier; Golden Nugget won $70.6 million, up 28.2%; Hard Rock won $58.3 million, up 17.2%; Ocean won nearly $48 million, up over 21%, and Tropicana won $36 million, up 11.5%.

Harrah's won $22.2 million, up 8%; Bally's won $20.9 million, up 20.6%; Caesars won $18.7 million, up 10.2%, and Resorts won $13.6 million, up 8.4%.

Resorts Digital, the casino's online arm, won $66.4 million, down 11%, and Caesars Interactive NJ won $6.4 million, down 23%.

The casinos and tracks kept just under $90 million in sports betting revenue after wining bets and other expenses were paid.

Categoría:Gaming

Tags: casinos, online gaming,

País: United States

Región: North America

Event

GAT EXPO CARTAGENA DE INDIAS 2024

09 de April 2024

Why to invest in Paraguay?

(Cartagena de Indias, Exclusive SoloAzar) - During the conferences organised at the GAT EXPO 2024 fair, Dr. Carlos Augusto Liseras Osorio, president of the National Gaming Commission, (CONAJZAR, in its original) asked this tacit question, to highlight the advantages and benefits of investing in the Republic of Paraguay, and also notifying the audience about the upcoming tenders for 7 land-based casinos in that country.

Monday 29 Apr 2024 / 12:00

Novomatic's innovative offerings and market insights: a recap of our presence at GAT Expo 2024

(Cartagena de Indias, SoloAzar Exclusive).- Manuel Del Sol - CEO at NOVOMATIC Gaming Colombia, gave an overview during the interview with SoloAzar, focusing on the innovative products presented at the event, the good reception from visitors, insights on the Colombian iGaming market, the latest technological trends incorporated into the platform, and the firm's approach to regulatory adaptation in the Latam market.

Friday 26 Apr 2024 / 12:00

Miguel Ángel Ochoa in GAT: "No casino has been closed due to money laundering or drug-related issues"

(Cartagena, SOLOAZAR Exclusive). One of the most interesting moments of the 25th anniversary edition of GAT Expo in Cartagena de Indias was undoubtedly the AIEJA panel dedicated to the Mexican gaming market. In this note, we review the key segments of the intervention of Miguel Ángel Ochoa, the president of AIEJA on that day.

Friday 26 Apr 2024 / 12:00

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